Tried the beta version, didn't help much.... nano seconds if anything.
Specifics...MAC OS 10.5.4, PM 4.5.3.1, 4GB memory, Nikon D2h (the same camera I used before when I did not encounter the tagging delay while using on an older I MAC and older version of PM, both late 2007), jpeg files
Are there any preferences that need to be changed?, I went through the menus and nothing stuck out as being the problem